Altcoin Season Takes Hold as Bitcoin Dominance Falls Below 60%
The crypto market is entering a new phase as Glassnode's Altcoin Cycle Signal flips from Bitcoin season to altcoin season. The shift comes after a Bitcoin-led rally in August failed to lift most altcoins, with the total altcoin market cap now at $1.17 trillion.
According to on-chain data from analytics platform Glassnode, its seven-day average has reached 81.25 on a 0-100 scale, moving above the 75 level that marks altcoin season conditions. This indicates that the latest rally is spreading across altcoins instead of staying concentrated in Bitcoin.
The market behaved differently during the first rally in August, with Bitcoin moving sharply higher from $64,000 but altcoins remaining relatively flat. In contrast, this latest rally has seen Bitcoin climb from the mid-$70,000 range to near $86,000 while Glassnode's Altcoin Cycle Signal has moved into the blue zone, showing stronger altcoin activity.
Bitcoin dominance has fallen below 60%, dropping to 59.7%, as traders move more money into altcoins. The total altcoin market cap, excluding Bitcoin, has climbed to around $1.17 trillion, its highest level since late January, and has grown by about 33% since August 19.